LCA Low Carbon Acc.

TIDMLCA

RNS Number : 6117L

Low Carbon Accelerator Limited

03 August 2011

3 August 2011

Investment Update: Proven Energy Limited

Low Carbon Accelerator Limited ("the Company" or "LCA") announces that it has made a further investment of GBP500,000 in Proven Energy Limited ("Proven Energy"). Proven Energy is an industry leader in small scale wind with over 3,500 wind turbines in the field spanning 60 countries and every continent. This investment consists of GBP350,000 in the form of a secured loan, and an investment of GBP150,000 whereby LCA will acquire the 20% equity stake in Vigor Wind Limited owned by Proven Energy. Vigor Wind, is an 80% owned subsidiary of Vigor Renewables Limited, the LCA backed project development company formed to take advantage of UK feed-in tariffs. LCA has invested in aggregate GBP700,000 in Vigor Renewables Limited in the form of non-voting preference shares and an unsecured loan.

This follow-on investment takes LCA's total investment in Proven Energy to GBP11,150,000 of which GBP9,250,000 represents an equity stake of 81.05% (75.08% on a fully diluted basis post issuance of the senior management team incentive share scheme), GBP650,000 represents a convertible loan and GBP1,100,000 represents a secured loan. If the convertible loan and related warrants are exercised, LCA's stake would rise to approximately 88% on a fully diluted basis.

This investment is in-line with the budgeted capital requirements of Proven Energy and is consistent with the financial plans it has previously agreed with LCA and highlighted in previous market updates. The proceeds will be used to continue its product development to ensure that it consolidates its market leading position, drives further sales growth and delivers profitable trading this financial year.

Beyond the UK, Proven Energy will also look to consolidate its growing presence in markets around the globe. In particular, the US and Asian markets will be key to the roll-out of the Proven Energy suite of distributed wind turbines. We are continuing our discussions with potential co-investors and we continue to expect Proven Energy to play a significant role in the anticipated consolidation of this sub-sector.

About Proven Energy Limited: www.provenenergy.co.uk

About Vigor Renewables Ltd: www.vigorrenewables.co.uk

About Low Carbon Accelerator: www.lowcarbonaccelerator.com

Low Carbon Accelerator Limited is a closed ended investment company created to invest in a portfolio of fast-growing low carbon businesses. The Company listed on the AIM Market of the London Stock Exchange on 11 October 2006, raising GBP44.5 million. On 26 June 2009, the Company announced that it had raised a further GBP10 million, net of expenses, following the successful placing of a further 41.6 million shares.

The Company invests principally in companies which provide low carbon products and services across the following sectors:

-- Energy efficiency (reductions in energy inputs at source, improved conversion and reductions at point of use)

-- Energy generation (sustainable and clean energy, micro and distributed generation)

The Company's investment strategy is to target trading businesses with patentable technologies and products with a clear commercial application and the opportunity to gain a large market share of a new or expanding market. The Company focuses on businesses with experienced management teams who have developed commercially viable products providing easily adoptable solutions which deliver immediate reductions in carbon dioxide emissions.

Enquiries:

Low Carbon Investors Limited

Steve Mahon, CIO

Andrew Affleck, Chairman

Tel: +44 (0)20 7631 2630

Grant Thornton Corporate Finance

Colin Aaronson

Melanie Frean

Tel: +44 (0) 20 7383 5100

RedleafPolhill

Alicia Jennings

Tel: +44 (0) 20 7566 6741

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQPTMATMBAMBRB

Low Carbon Acc. (LSE:LCA)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024

Low Carbon Acc. (LSE:LCA)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024